A new report produced jointly by World Bank and Bank of Tanzania has just come out. It highlights Tanzania’s mortgage market as at 31st December 2013.
The mortgage market in Tanzania has been growing steadily as the pace of housing investment picks up. As at 31st December 2013 total lending by banking sector for the purposes of residential housing was TZS 156.50 billion, which is equivalent to US$ 96.8 million. This represents an annual growth of 46%. Total number of mortgage loans also grew rapidly, from 1,889 at the beginning of 2013 to 2,784 by end of December 2013, being an increase of 47%.